A solid week for stocks was capped with a better-than-expected June jobs report.
 | FRI, JUL 08, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 147.04 | +0.69 | +0.47% | | INTC | 37.99 | -0.15 | -0.39% | | MSFT | 267.66 | -0.74 | -0.28% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AMD | 79.35 | +0.05 | +0.06% | | AAPL | 147.04 | +0.69 | +0.47% | | F | 11.62 | -0.03 | -0.26% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 79.35 | +0.05 | +0.06% | | AAPL | 147.04 | +0.69 | +0.47% | | NVDA | 158.38 | -0.20 | -0.13% | |
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A solid week for stocks was capped with a better-than-expected June jobs report and some additional gains for the Nasdaq Composite. Recession fears have become a key factor on Wall Street, but the jobs data shows that the economic downturn is not here just yet. Jobs were strong across the board, with health care, professional services and leisure and hospitality among the top sectors last month. Government was the only sector that lost workers. |
Wall Street strategists believe that the report is good news for the economy but may also give the Federal Reserve the confidence to keep being aggressive with its rate hikes. "There has been a lot of doom and gloom recently, so a strong labor market read may assuage some fear of a recession and shows the resilient nature of our economy with a robust labor market in the face of hot inflation," said Mike Loewengart, managing director of investment strategy at E-Trade. "The Fed is committed to raising rates aggressively to cool it, which will likely result in continued volatility." Next week includes a key inflation report and earnings updates from major banks, so the jobs report's positive signal for the economy will be quickly tested. |
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